I’m new to investing and would like to get some help. My goal is to purchase a duplex or triplex for rental property. I have a family member who has had rentals since the 70’s. So I have landlord mentor covered. She has not bought property in many years, so limited help on what to purchase.
I’m in the Southern California area and most rentals are starting out about $325,000 and I have 75k to put on the down payment. I don’t want to rush into anything to soon without some advice.
Thank you for your help!
What part of California Exactly… Im in Bakersfield and the market here sucks so dont try and buy anything here… Over priced and falling down … Not to mention bad tenants… jk
The key is always return on your investment… Always assume worse case senerios and have reserves…
I’m in the Orange County area, but could also buy in the Riverside, LA area too.
Cazador,
The numbers where I invest are very different, but either way, in my business model, I wouldn’t drop 75K on something! If you learn and work creatively, you should be able to buy with little to none out of your pocket. Especially in this buyers market…if you’re patient and look for deals where the numbers work, I’m sure that you should be able to find some available by owner finance, with little to no cash up front! There are plenty of tired landlords and motivated sellers, and the numbers seem to be growing every day!
Good luck my friend,
Jason
Hi everyone. I’m from Santa Cruz California. If you are interested in Capitola, Rio Del Mar or Scotts Valley homes, beach houses then I’m there for you. I agree Jeff there’s a lot left for newcomers.